Taqa will not be proceeding with its plans to go for a deal on Naturgy Energy Group, the Spanish utility firm with over 5 billion euros in revenue. Image Credit: Shutterstock

Dubai: The Abu Dhabi utility company Taqa will not proceed with the planned stake buy in Spain’s Naturgy Energy Group.

“Discussions on a potential cooperation agreement with Criteria Caixa and the possible acquisition of shares in Naturgy from CVC and GIP have ended - and a transaction will not take place,” said Taqa in a statement.

It was mid-April that the UAE firm confirmed its interest in Naturgy, which had revenues of 5.28 billion euros in 2023 and net income of 470.5 million euros. Taqa has in the recent past been pushing for higher exposure in overseas markets, whether through projects or stake purchases.

In April, Taqa announced it was in discussions with Criteria Caixa for ‘potential cooperation’ on a Naturgy stake.

“TAQA also confirms that it is in discussions with CVC and GIP in relation to a possible acquisition of their shares in Naturgy,” said the statement. “If such an acquisition occurs, this would trigger an offer for all the shares of Naturgy.

“There can be no guarantee of any transaction nor any certainty as to the terms of any potential transaction. There has been no approach by Taqa to Naturgy.”